Housing policies in Singapore

Singapore has developed a unique housing system, with three-quarters of its housing stock built by the Housing & Development Board (HDB) and homeownership financed through Central Provident Fund (CPF) savings. As a result, the country’s homeownership rate of 90% is one of the highest among marke...

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Main Authors: PHANG Sock Yong, HELBLE, Matthias
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Language:English
Published: Institutional Knowledge at Singapore Management University 2016
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Online Access:https://ink.library.smu.edu.sg/soe_research_all/20
https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1019&context=soe_research_all
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spelling sg-smu-ink.soe_research_all-10192022-02-10T06:16:12Z Housing policies in Singapore PHANG Sock Yong, HELBLE, Matthias Singapore has developed a unique housing system, with three-quarters of its housing stock built by the Housing & Development Board (HDB) and homeownership financed through Central Provident Fund (CPF) savings. As a result, the country’s homeownership rate of 90% is one of the highest among market economies. At different stages of its economic development, the Government of Singapore was faced with a different set of housing problems. An integrated land–housing supply and financing framework was established in the 1960s to solve the severe housing shortage. By the 1990s, the challenge was that of renewing aging estates and creating a market for HDB transactions. Housing subsidies in the form of housing grants were also introduced. Recent challenges include curbing speculative and investment demand, as well as coping with increasing income inequalities and an aging population. These have brought about carefully crafted macroprudential policies, targeted housing grants, and schemes to help elderly households monetize their housing equity. This paper analyzes key pillars of the housing policy, specifically land acquisition, the HDB-CPF system, the role of markets, housing market interventions, the Ethnic Integration Policy, and the Lease Buyback Scheme. It concludes with lessons learned for other countries. 2016-10-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research_all/20 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1019&context=soe_research_all http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School of Economics eng Institutional Knowledge at Singapore Management University Singapore housing policies homeownership targeted housing grants Asian Studies Public Economics Real Estate
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Singapore
housing policies
homeownership
targeted housing grants
Asian Studies
Public Economics
Real Estate
spellingShingle Singapore
housing policies
homeownership
targeted housing grants
Asian Studies
Public Economics
Real Estate
PHANG Sock Yong,
HELBLE, Matthias
Housing policies in Singapore
description Singapore has developed a unique housing system, with three-quarters of its housing stock built by the Housing & Development Board (HDB) and homeownership financed through Central Provident Fund (CPF) savings. As a result, the country’s homeownership rate of 90% is one of the highest among market economies. At different stages of its economic development, the Government of Singapore was faced with a different set of housing problems. An integrated land–housing supply and financing framework was established in the 1960s to solve the severe housing shortage. By the 1990s, the challenge was that of renewing aging estates and creating a market for HDB transactions. Housing subsidies in the form of housing grants were also introduced. Recent challenges include curbing speculative and investment demand, as well as coping with increasing income inequalities and an aging population. These have brought about carefully crafted macroprudential policies, targeted housing grants, and schemes to help elderly households monetize their housing equity. This paper analyzes key pillars of the housing policy, specifically land acquisition, the HDB-CPF system, the role of markets, housing market interventions, the Ethnic Integration Policy, and the Lease Buyback Scheme. It concludes with lessons learned for other countries.
format text
author PHANG Sock Yong,
HELBLE, Matthias
author_facet PHANG Sock Yong,
HELBLE, Matthias
author_sort PHANG Sock Yong,
title Housing policies in Singapore
title_short Housing policies in Singapore
title_full Housing policies in Singapore
title_fullStr Housing policies in Singapore
title_full_unstemmed Housing policies in Singapore
title_sort housing policies in singapore
publisher Institutional Knowledge at Singapore Management University
publishDate 2016
url https://ink.library.smu.edu.sg/soe_research_all/20
https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1019&context=soe_research_all
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